West
Fountain Investments Buys 1.3M Acres of Nevada Land for $31M
In one of the largest land sales in U.S. history, Florida-based Fountain Investments has purchased 1.28 million acres of land and mineral rights in Nevada, giving it a parcel by acreage larger than the state of Rhode Island.
Marcus & Millichap: Inland Empire Apartment Market to Prosper
California’s Inland Empire, an area hit particularly hard by the Great Recession and its aftershocks, is seeing an intensification of demand for rental properties, according to a new report by real estate investment specialist Marcus & Millichap.
PCCP Provides $69M for Salt Lake City Mall Renovation
In a renovation deal that will be ready for next year’s holiday season, PCCP announced last week that it provided a $69.2 million senior loan to recap and improve Salt Lake City’s Valley Fair Mall.
Avaya Signs 275 KSF Lease for Santa Clara Office
Harvest Properties and Prudential Real Estate Investors have snagged a tenant for nearly half of the Towers at Great America in Santa Clara, Calif., as Avaya, a global business-communications firm, has signed a lease for 275,200 square feet.
Amid Changes, Furloughs at Grubb, Healthcare REIT Picks up $112M Portfolio
Amid the process of furloughing a small percentage of its workforce, Grubb & Ellis is still seeing one of its vehicles — Grubb & Ellis Healthcare REIT II — purchase an eight-property medical-office portfolio for $112 million.
W.P. Carey REIT Affiliate Pays $163M for Self-Storage Portfolio
Corporate Property Associates 17-Global Inc., a non-traded REIT affiliate of W.P. Carey & Co., has spent $163.4 million on a 42-property portfolio of self-storage facilities located in California, Illinois and Hawaii.
Culver Center Sold for $115M in California’s Largest Off-Market Transaction in 2011
In California’s largest off-market, single-asset transaction in 2011, Equity One has purchased Culver Center in Culver City for $115 million.
Equity One Spends $115M for California Shopping Center
Culver Center, a 216,600-square-foot community shopping center Los Angeles County’s Culver City, has come under new ownership. Equity One Inc. snapped up the grocery-anchored asset for $115 million.
HFF Brokers Sale of 3 San Francisco Hotels
In the San Francisco Bay Area, the weather is mild but the hotel market is hot, as evidenced by Holliday Fenoglio Fowler’s recent facilitation of the sale of a three-property, four-hotel portfolio to separate buyers.
Exclusive: Industrial Vacancies Set to Decline Through 2015, Cushman Report Shows
In an exclusive interview with CPE, commercial real estate services firm Cushman & Wakefield sees industrial vacancy rates dropping “considerably” over the next five years, going as low as 6.6 percent by 2015.